HDFC MF begins process of merging Morgan Stanley MF schemes

Tags: News
Taking forward its deal to acquire the assets of Morgan Stanley Mutual Fund in India, HDFC Mutual Fund has begun the process of merging the schemes of smaller rival with itself.

HDFC MF will merge the four schemes offered by Morgan Stanley MF with itself, while it would change the name of another four schemes.

The changes are announced pursuant to the acquisition of Morgan Stanley MF schemes and to avoid similar products being offered to the investors. However, these changes to the schemes are subject to completion of the proposed deal.

Besides, HDFC MF has given an exit option to the unit holders of Morgan Stanley MF.

"An exit option from May 22, 2014 to June 20, 2014 has been provided to the unit holders who are not agreeable to the transaction/changes to the schemes wherein they may submit redemption request to MSMF (Morgan Stanley MF) to exit the scheme without any exit load," HDFC MF said in a latest update on its website.

In December last year, HDFC MF had announced the acquisition of Morgan Stanley MF running a total of eight schemes with assets worth Rs 3,290 crore, a major consolidation exercise in the highly-dispersed sector.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • State-owned banks can ride technology surge to penetrate retail segment

    For the first time in recent history, two large private sectors banks, ICICI and Axis have reduced their headcounts.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

The rabbit hole of outcome budgets

Would you tell me, please, which way I ought to ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture